PPC PROXIES OVERLOOKED
Minorities pick up on human error at Computershare
Human error at professional services company Computershare was responsible for the approval of two resolutions that would have awarded some of PPC’s (broad-based black economic empowerment (BBBEE) shareholders 4.4-million shares in cement company PPC at no cost. The error was picked up by PPC minority shareholders who had voted against the resolution. They queried the outcome and a recount showed that 33% of shareholders had voted against the resolution. The 33% vote against the resolution was sufficient to block it. Charles Lourens, the head of professional services at Computershare, said there was nothing sinister and that the mistake was down to human error. "There’s no excuse for it, but a block of proxies was not captured." He said the matter was raised after the meeting when minority shareholders realised something was wrong.
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